Cash flow Ares Capital Corporation

Equities

ARCC

US04010L1035

Investment Management & Fund Operators

Market Closed - Nasdaq Other stock markets 04:00:00 2025-06-23 pm EDT			5-day change	1st Jan Change
21.47 ^USD	-0.09%		+0.70%	-1.92%

Jun. 06	Ares Capital Corp - Increases Revolving Credit Facility To $5.393 Billion	RE
Jun. 03	Ares Capital Corp Enters Third Supplemental Indenture With U.S. Bank Trust	RE

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Published financial data: ARES CAPITAL CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	149M	306M	153M	92M	172M
Interest And Invest. Income (Rev)	1.36B	1.51B	1.94B	2.52B	2.82B
Total Revenues	1.51B	1.82B	2.1B	2.61B	2.99B
Gross Profit	1.51B	1.82B	2.1B	2.61B	2.99B
Selling General & Admin Expenses, Total	381M	678M	494M	746M	799M
Other Operating Expenses, Total	381M	678M	494M	746M	799M
Operating Income	1.13B	1.14B	1.6B	1.87B	2.19B
Interest Expense, Total	-304M	-339M	-441M	-566M	-698M
Net Interest Expenses	-304M	-339M	-441M	-566M	-698M
Currency Exchange Gains (Loss)	-18M	9M	45M	-18M	55M
Other Non Operating Income (Expenses)	-13M	-33M	-14M	-16M	-17M
EBT, Excl. Unusual Items	795M	779M	1.19B	1.27B	1.53B
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-292M	860M	-489M	274M	78M
Other Unusual Items	-	-43M	-48M	-	-14M
EBT, Incl. Unusual Items	503M	1.6B	655M	1.54B	1.6B
Income Tax Expense	19M	29M	55M	20M	73M
Earnings From Continuing Operations	484M	1.57B	600M	1.52B	1.52B
Net Income to Company	484M	1.57B	600M	1.52B	1.52B
Net Income - (IS)	484M	1.57B	600M	1.52B	1.52B
Net Income to Common Incl Extra Items	484M	1.57B	600M	1.52B	1.52B
Net Income to Common Excl. Extra Items	484M	1.57B	600M	1.52B	1.52B
Per Share Items
Net EPS - Basic	1.14	3.51	1.2	2.75	2.44
Basic EPS - Continuing Operations	1.14	3.51	1.2	2.75	2.44
Basic Weighted Average Shares Outstanding	424M	446M	498M	554M	624M
Net EPS - Diluted	1.14	3.51	1.19	2.68	2.44
Diluted EPS - Continuing Operations	1.14	3.51	1.19	2.68	2.44
Diluted Weighted Average Shares Outstanding	424M	446M	518M	575M	624M
Normalized Basic EPS	1.17	1.09	1.5	1.43	1.53
Normalized Diluted EPS	1.17	1.09	1.44	1.38	1.53
Dividend Per Share	1.6	1.62	1.75	1.92	1.92
Payout Ratio	140.29	44.29	142	67.74	74.84
Supplemental Items
EBITDA	-	-	-	-	-
EBITA	1.13B	1.14B	1.6B	1.87B	2.19B
EBIT	1.13B	1.14B	1.6B	1.87B	2.19B
EBITDAR	-	-	-	-	-
Total Revenues (As Reported)	1.51B	1.82B	2.1B	2.61B	2.99B
Effective Tax Rate - (Ratio)	3.78	1.82	8.4	1.3	4.58
Normalized Net Income	497M	487M	745M	792M	957M
Interest on Long-Term Debt	317M	376M	4M	-	6M
Supplemental Operating Expense Items
General and Administrative Expenses	380M	677M	494M	746M	799M
Net Rental Expense, Total	1M	1M	0	0	-
Imputed Operating Lease Interest Expense	309K	275K	0	0	-
Imputed Operating Lease Depreciation	691K	725K	0	0	-

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	254M	372M	303M	535M	635M
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	254M	372M	303M	535M	635M
Accounts Receivable, Total	223M	222M	180M	261M	516M
Total Receivables	223M	222M	180M	261M	516M
Restricted Cash	72M	114M	34M	29M	225M
Other Current Assets, Total	-	-	-	-	-
Total Current Assets	549M	708M	517M	825M	1.38B
Net Property Plant And Equipment	38M	27M	20M	10M	-
Long-term Investments	15.52B	20.01B	21.78B	22.89B	26.72B
Other Long-Term Assets, Total	94M	99M	81M	76M	156M
Total Assets	16.2B	20.84B	22.4B	23.8B	28.25B
Liabilities
Accounts Payable, Total	37.3M	302M	130M	94M	361M
Accrued Expenses, Total	282M	401M	302M	398M	471M
Short-term Borrowings	76.7M	20M	57M	32M	29M
Current Portion of Long-Term Debt	1M	1M	-	1.3B	1.85B
Current Portion of Leases	16M	15M	16M	6M	-
Other Current Liabilities	1M	-	-	24M	24M
Total Current Liabilities	414M	739M	505M	1.86B	2.74B
Long-Term Debt	8.49B	11.09B	12.29B	10.62B	11.9B
Long-Term Leases	43M	28M	15M	11M	-
Deferred Tax Liability Non Current	-	-	-	87M	92M
Other Non Current Liabilities	72M	114M	34M	29M	163M
Total Liabilities	9.02B	11.98B	12.84B	12.6B	14.9B
Common Stock, Total	-	-	1M	1M	1M
Additional Paid In Capital	7.66B	8.55B	9.56B	10.74B	12.5B
Retained Earnings	-480M	315M	-2M	462M	852M
Total Common Equity	7.18B	8.87B	9.56B	11.2B	13.36B
Total Equity	7.18B	8.87B	9.56B	11.2B	13.36B
Total Liabilities And Equity	16.2B	20.84B	22.4B	23.8B	28.25B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	423M	479M	531M	582M	671M
ECS Total Common Shares Outstanding	423M	468M	519M	582M	672M
Book Value / Share	16.96	18.95	18.41	19.25	19.87
Tangible Book Value	7.18B	8.87B	9.56B	11.2B	13.36B
Tangible Book Value Per Share	16.96	18.95	18.41	19.25	19.87
Total Debt	8.63B	11.16B	12.38B	11.97B	13.79B
Net Debt	8.37B	10.79B	12.07B	11.43B	13.15B
Debt Equivalent Oper. Leases	8M	8M	0	0	-
Account Code - Inventory Valuation	3	3	3	3	3

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	484M	1.57B	600M	1.52B	1.52B
Depreciation & Amortization - CF	-	-	-	-	-
Depreciation & Amortization, Total	-	-	-	-	-
Amortization of Deferred Charges, Total - (CF)	31M	31M	26M	31M	33M
(Gain) Loss on Sale of Investments - (CF)	302M	-885M	431M	-274M	-150M
Other Operating Activities, Total	-1.45B	-3.38B	-2.27B	-799M	-3.72B
Change In Accounts Receivable	12M	-24M	-34M	-60M	-45M
Change In Accounts Payable	3M	27M	11M	24M	24M
Change in Other Net Operating Assets	63M	205M	-124M	67M	211M
Cash from Operations	-557M	-2.46B	-1.36B	511M	-2.13B
Long-Term Debt Issued, Total	8.26B	19.39B	7.96B	5.22B	13.24B
Total Debt Issued	8.26B	19.39B	7.96B	5.22B	13.24B
Long-Term Debt Repaid, Total	-6.74B	-16.83B	-6.82B	-5.6B	-10.98B
Total Debt Repaid	-6.74B	-16.83B	-6.82B	-5.6B	-10.98B
Issuance of Common Stock	4M	819M	1B	1.16B	1.36B
Repurchase of Common Stock	-100M	-	-	-	-
Common Dividends Paid	-679M	-694M	-852M	-1.03B	-1.14B
Common & Preferred Stock Dividends Paid	-679M	-694M	-852M	-1.03B	-1.14B
Special Dividend Paid	-	-	-60M	-	-
Other Financing Activities, Total	-37M	-64M	-16M	-20M	-59M
Cash from Financing	707M	2.62B	1.21B	-284M	2.42B
Net Change in Cash	150M	160M	-149M	227M	296M
Supplemental Items
Cash Interest Paid	243M	310M	402M	524M	676M
Cash Income Tax Paid (Refund)	16M	26M	39M	36M	66M
Levered Free Cash Flow	396M	847M	602M	875M	838M
Unlevered Free Cash Flow	555M	1.03B	851M	1.2B	1.24B
Change In Net Working Capital	152M	-314M	150M	-30M	128M
Net Debt Issued / Repaid	1.52B	2.56B	1.14B	-388M	2.26B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	4.54	3.85	4.63	5.05	5.26
Return on Total Capital	4.65	3.99	4.77	5.18	5.45
Return On Equity %	6.61	19.53	6.51	14.67	12.4
Return on Common Equity	6.61	19.53	6.51	14.67	12.4
Margin Analysis
Gross Profit Margin %	100	100	100	100	100
SG&A Margin	25.22	37.25	23.57	28.54	26.72
EBITDA Margin %	-	-	-	-	-
EBITA Margin %	74.78	62.75	76.43	71.46	73.28
EBIT Margin %	74.78	62.75	76.43	71.46	73.28
Income From Continuing Operations Margin %	32.03	86.1	28.63	58.22	50.9
Net Income Margin %	32.03	86.1	28.63	58.22	50.9
Net Avail. For Common Margin %	32.03	86.1	28.63	58.22	50.9
Normalized Net Income Margin	32.88	26.75	35.54	30.32	32
Levered Free Cash Flow Margin	26.18	46.53	28.7	33.46	28.03
Unlevered Free Cash Flow Margin	36.7	56.47	40.61	45.81	41.52
Asset Turnover
Asset Turnover	0.1	0.1	0.1	0.11	0.11
Fixed Assets Turnover	22.89	56	89.19	174.27	-
Receivables Turnover (Average Receivables)	0.84	1.38	0.76	0.42	0.44
Short Term Liquidity
Current Ratio	1.33	0.96	1.02	0.44	0.5
Quick Ratio	1.15	0.8	0.96	0.43	0.42
Operating Cash Flow to Current Liabilities	-1.35	-3.33	-2.69	0.28	-0.78
Days Sales Outstanding (Average Receivables)	434.78	265.4	479.51	874.81	826.69
Long Term Solvency
Total Debt/Equity	120.23	125.82	129.53	106.84	103.24
Total Debt / Total Capital	54.59	55.72	56.43	51.65	50.8
LT Debt/Equity	118.92	125.42	128.77	94.88	89.14
Long-Term Debt / Total Capital	54	55.54	56.1	45.87	43.86
Total Liabilities / Total Assets	55.69	57.45	57.34	52.94	52.73
EBIT / Interest Expense	3.72	3.37	3.63	3.3	3.14
EBITDA / Interest Expense	3.72	3.37	3.63	-	-
(EBITDA - Capex) / Interest Expense	3.72	3.37	3.63	-	-
Total Debt / EBITDA	7.63	9.76	7.72	-	-
Net Debt / EBITDA	7.4	9.44	7.53	-	-
Total Debt / (EBITDA - Capex)	7.63	9.76	7.72	-	-
Net Debt / (EBITDA - Capex)	7.4	9.44	7.53	-	-
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-1.11	20.45	15.16	24.71	14.38
Gross Profit, 1 Yr. Growth %	-1.11	20.45	15.16	24.71	14.38
EBITDA, 1 Yr. Growth %	-	-	-	-	-
EBITA, 1 Yr. Growth %	1.07	1.06	40.28	16.6	17.29
EBIT, 1 Yr. Growth %	1.07	1.06	40.28	16.6	17.29
Earnings From Cont. Operations, 1 Yr. Growth %	-38.97	223.76	-61.71	153.67	0
Net Income, 1 Yr. Growth %	-38.97	223.76	-61.71	153.67	0
Normalized Net Income, 1 Yr. Growth %	-9.14	-2.01	53.02	6.38	20.74
Diluted EPS Before Extra, 1 Yr. Growth %	-38.62	207.79	-66.06	124.71	-8.87
Accounts Receivable, 1 Yr. Growth %	70.23	-0.45	-18.92	45	97.7
Net Property, Plant and Equip., 1 Yr. Growth %	-59.57	-28.95	-25.93	-50	-
Total Assets, 1 Yr. Growth %	8.66	28.69	7.46	6.26	18.71
Tangible Book Value, 1 Yr. Growth %	-3.9	23.58	7.75	17.23	19.23
Common Equity, 1 Yr. Growth %	-3.9	23.58	7.75	17.23	19.23
Cash From Operations, 1 Yr. Growth %	-53.97	323.97	-44.73	-137.6	-516.44
Levered Free Cash Flow, 1 Yr. Growth %	-13.14	100.09	-29.04	49.88	-6.01
Unlevered Free Cash Flow, 1 Yr. Growth %	-8.15	76.51	-17.25	44.41	2.21
Dividend Per Share, 1 Yr. Growth %	0	1.25	8.02	9.71	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	6.31	9.14	17.78	19.84	19.44
Gross Profit, 2 Yr. CAGR %	6.31	9.14	17.78	19.84	19.44
EBITDA, 2 Yr. CAGR %	-	-	-	-	-
EBITA, 2 Yr. CAGR %	8.89	1.07	19.07	27.9	16.95
EBIT, 2 Yr. CAGR %	8.89	1.07	19.07	27.9	16.95
Earnings From Cont. Operations, 2 Yr. CAGR %	-24.89	40.57	11.34	-1.45	59.27
Net Income, 2 Yr. CAGR %	-24.89	40.57	11.34	-1.45	59.27
Normalized Net Income, 2 Yr. CAGR %	3.51	-5.65	22.45	27.58	13.33
Diluted EPS Before Extra, 2 Yr. CAGR %	-24.69	37.54	2.22	-12.68	43.1
Accounts Receivable, 2 Yr. CAGR %	47.14	30.18	-10.16	8.43	69.31
Net Property, Plant and Equip., 2 Yr. CAGR %	-	-46.41	-27.45	-39.14	-
Total Assets, 2 Yr. CAGR %	12.07	18.25	17.6	6.86	12.31
Tangible Book Value, 2 Yr. CAGR %	-0.85	8.98	15.39	12.39	18.22
Common Equity, 2 Yr. CAGR %	-0.85	8.98	15.39	12.39	18.22
Cash From Operations, 2 Yr. CAGR %	35.36	41.11	53.07	-54.41	25.13
Levered Free Cash Flow, 2 Yr. CAGR %	-5.48	35.63	20.39	2.96	20.74
Unlevered Free Cash Flow, 2 Yr. CAGR %	-1.93	30.47	20.91	7.89	22.35
Dividend Per Share, 2 Yr. CAGR %	1.93	0.62	4.58	8.87	4.74
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	9.21	10.83	11.11	20.05	18
Gross Profit, 3 Yr. CAGR %	9.21	10.83	11.11	20.05	18
EBITDA, 3 Yr. CAGR %	-	-	-	-	-
EBITA, 3 Yr. CAGR %	14.39	6.22	12.74	18.24	24.26
EBIT, 3 Yr. CAGR %	14.39	6.22	12.74	18.24	24.26
Earnings From Cont. Operations, 3 Yr. CAGR %	-10.14	22.23	-8.88	46.51	-0.97
Net Income, 3 Yr. CAGR %	-10.14	22.23	-8.88	46.51	-0.97
Normalized Net Income, 3 Yr. CAGR %	16.48	1.64	10.86	16.84	25.26
Diluted EPS Before Extra, 3 Yr. CAGR %	-10.11	20.46	-13.76	32.91	-11.43
Accounts Receivable, 3 Yr. CAGR %	33.37	29.17	11.17	5.38	32.46
Net Property, Plant and Equip., 3 Yr. CAGR %	-	-	-40.3	-35.92	-
Total Assets, 3 Yr. CAGR %	9.47	17.36	14.54	13.69	10.67
Tangible Book Value, 3 Yr. CAGR %	0.36	6.7	8.57	16	14.62
Common Equity, 3 Yr. CAGR %	0.36	6.7	8.57	16	14.62
Cash From Operations, 3 Yr. CAGR %	-35.21	100.74	3.24	-4.13	-4.7
Levered Free Cash Flow, 3 Yr. CAGR %	-12.04	24.13	9.33	28.2	0.52
Unlevered Free Cash Flow, 3 Yr. CAGR %	-7.38	21.25	12.13	27.17	6.46
Dividend Per Share, 3 Yr. CAGR %	1.72	1.7	3.03	6.27	5.83
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	8.07	12.45	12.56	14.35	14.37
Gross Profit, 5 Yr. CAGR %	8.07	12.45	12.56	14.35	14.37
EBITDA, 5 Yr. CAGR %	-	-	-	-	-
EBITA, 5 Yr. CAGR %	8.46	9.79	16.24	14.41	14.4
EBIT, 5 Yr. CAGR %	8.46	9.79	16.24	14.41	14.4
Earnings From Cont. Operations, 5 Yr. CAGR %	5.01	27.02	-2.1	12.15	13.93
Net Income, 5 Yr. CAGR %	5.01	27.02	-2.1	12.15	13.93
Normalized Net Income, 5 Yr. CAGR %	8.28	8.21	18.83	11.31	11.84
Diluted EPS Before Extra, 5 Yr. CAGR %	-1.02	18.41	-5.37	5.89	5.6
Accounts Receivable, 5 Yr. CAGR %	10.07	9.5	13.88	20.44	31.55
Total Assets, 5 Yr. CAGR %	11.24	17.66	12.65	13.04	13.64
Tangible Book Value, 5 Yr. CAGR %	6.76	11.42	6.13	8.94	12.33
Common Equity, 5 Yr. CAGR %	6.76	11.42	6.13	8.94	12.33
Cash From Operations, 5 Yr. CAGR %	9.12	28.31	-7.87	10.95	11.5
Levered Free Cash Flow, 5 Yr. CAGR %	4.21	19.93	0.69	14.59	12.73
Unlevered Free Cash Flow, 5 Yr. CAGR %	5.54	18.79	4.05	15.74	15.51
Dividend Per Share, 5 Yr. CAGR %	1.03	1.28	2.86	4.51	3.71